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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) After dissolution, a member who has not wrongfully dissociated may participate in winding up a limited liability company's business, but on application of any member, member's legal representative or transferee, the circuit court, for good cause shown, may order judicial supervision of the winding up.
(b) A legal representative of the last surviving member may wind up a limited liability company's business.
(c) A person winding up a limited liability company's business may preserve the company's business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal or administrative, settle and close the company's business, dispose of and transfer the company's property, discharge the company's liabilities, distribute the assets of the company pursuant to section 8-806, settle disputes by mediation or arbitration and perform other necessary acts.
Cite this article: FindLaw.com - West Virginia Code Chapter 31B. Uniform Limited Liability Company Act § 31B-8-803. Right to wind up limited liability company's business - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-31b-uniform-limited-liability-company-act/wv-code-sect-31b-8-803/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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